Repligen Corporation (RGEN)

Working capital turnover

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Revenue (ttm)	US$ in thousands	627,837	616,033	602,354	607,450	638,764	669,783	729,332	777,796	801,536	801,295	778,770	734,097	670,534	592,661	508,505	433,007	366,260	327,086	302,471	285,701
Total current assets	US$ in thousands	783,964	1,131,570	1,158,920	1,133,020	1,111,040	978,456	998,583	1,018,800	998,118	953,233	975,995	944,789	931,677	910,854	983,830	926,335	902,382	696,728	687,157	651,378
Total current liabilities	US$ in thousands	126,787	108,366	174,307	178,315	158,162	363,364	373,583	405,321	404,196	410,696	423,522	424,333	375,262	349,439	332,342	313,328	318,956	50,984	44,401	41,853
Working capital turnover		0.96	0.60	0.61	0.64	0.67	1.09	1.17	1.27	1.35	1.48	1.41	1.41	1.21	1.06	0.78	0.71	0.63	0.51	0.47	0.47

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $627,837K ÷ ($783,964K – $126,787K)
= 0.96

The working capital turnover ratio measures how efficiently a company is utilizing its working capital to generate sales revenue. In the case of Repligen Corporation, we observed a fluctuating trend in the working capital turnover ratio over the periods provided.

From March 31, 2020, to March 31, 2022, there was a consistent upward trend in the working capital turnover ratio, indicating an improvement in the company's ability to generate sales using its working capital. The ratio increased from 0.47 to 1.41 during this period, showing that Repligen was becoming more efficient in its working capital management.

However, starting from June 30, 2022, the working capital turnover ratio plateaued around 1.41 before beginning to decline in the subsequent quarters. This decline continued until December 31, 2024, where the ratio fell to 0.96.

The decrease in the working capital turnover ratio in the latter period could signal potential inefficiencies in managing working capital or changes in the company's sales generation processes. It would be important for stakeholders to monitor this ratio closely to understand the impact on the company's financial performance and profitability in the future.